Case Study On Risk Control Of STO Express Backdoor Listing

As the economy and the development of the Internet,electric business platform boom,but also expanded the express industry demand,to express the effectiveness and safety of consumers have a higher demand,in order to meet the demand of industry express enterprises need to constantly improve its service level and transport efficiency,these are inseparable from the capital support,but only on its own funds are unsustainable,If an enterprise wants to obtain a large amount of funds in a short time,it must go through the capital market.As we all know,there are two ways for enterprises to enter the capital market.One is IPO,which is a direct way of listing.However,the threshold of IPO is very high.Including the additional or supplementary payment of income tax,standard operating income,issuing fees and information disclosure fees,if the IPO of a link inadvertently failed will be wasted,resulting in a large number of sunk costs.As the national policy clearly encourages other capital to enter the express delivery industry,supports the merger and reorganization of express delivery enterprises and expands the scale of enterprises,the backdoor listing has become the preferred way for express delivery enterprises to go public.But at the same time,there are many risks in the process of backdoor listing.If targeted control measures are not taken for these risks,the backdoor listing may also fail.Therefore,in the process of backdoor listing,enterprises should not only identify the risks of backdoor listing but also take effective risk control measures to prevent risks,which is of great significance to the success of backdoor listing.This thesis focuses on the case of backdoor listing of STO Express,focusing on risk control.Firstly,the literature research method is adopted to sort out the literature on the motivation,risk,risk control and effectiveness of backdoor listing.It is found that most of the literature studies the motivation and performance of backdoor listing,and there are few researches on risk control,so the research direction of this thesis is determined as risk control.Then,using the method of combining theory and practice of the first combed the backdoor listing of risk control related theory,then introduces the shell on both sides of the company profile,STO express backdoor listing of the impetus,the backdoor listing of the plan and identify STO express delivery at the different stages of the backdoor listing of risk,Then put forward targeted risk control measures for the risks faced in different stages.Finally,the financial index analysis method is adopted to analyze the financial effect of STO Express under risk control,and it is found that its debt paying ability,operating ability and profitability have been significantly improved,and EVA index has also turned from negative to positive,showing an upward trend in the years after the backdoor listing.The experience of risk control mainly includes:selecting high-quality shell resources,rationally selecting payment mode,formulating long-term development strategy and establishing perfect management system.